QBO Is Now Supported By VFD Pro
When you next ‘Add a Client’, to your VFD Pro Portal in addition to Xero and Sage, QBO is now an available connection option.
- QBO operates in exactly the same way as Xero, simply enter the company name, registration number, and reporting date, add the month of the financial year-end, and the connection type, (Trial, Free or Paid), select the QBO logo and click save.
- Then click ‘Connect to QuickBooks’
- Everything thereafter operates in the same way as for Xero or Sage 50.
This means you can now offer your QBO clients the same Enhanced Management Reporting and Business Growth Models as your Xero and your Sage clients.
Enhanced Management Reporting is highly valued by business owners who are happy to pay you for your reporting and financial support services. For your larger clients, those with more financial complexity, becoming their Part-Time FD and helping them take better control of their finances is a logical and highly valued service.
If you look at the potential fee income from Management Reporting and Part-Time FD services the figures are impressive, but it’s when you look at the gross profit margin the importance of adding these services to your practice becomes apparent…
Management Reporting is extremely time-efficient delivering near 100% gross margin as it requires next to no overhead making it highly scalable. Part-Time FD services are not for everyone and they do require you to interact more with your clients regularly, but the value and hence the margins are potentially far higher than other accountancy services.